Monero Price Soars: XMR Hits New High Amidst Privacy Coin Demand

Monero (XMR) has experienced a remarkable 50% price surge in the past 24 hours, reaching a new yearly high. This impressive rise is largely attributed to a surge in futures open interest, reaching its highest level since December 20th, 2024. With an RSI reading of 83, the price is anticipated to moderate before embarking on another upward trajectory, ultimately targeting around $345. Analysts’ predictions suggest this move will be influenced by ongoing demand for privacy-focused cryptocurrencies in the market.